Ex-Qwest CEO Indicted On 42 Counts Of Insider Trading

Law360, New York (December 21, 2005, 12:00 AM EST) -- Former Qwest CEO Joseph Nacchio has been indicted on 42 counts of insider trading, in a criminal indictment handed down by a grand jury in Denver. The charges stem from Nacchio’s sale of 2.5 million shares of Qwest stock that netted him over $100 million.

Each charge carries a possible 10 year prison sentence and a $1 million fine.

Federal prosecutors also demanded that Nacchio hand over $100,812,582, the exact amount he made from the stock sales.